TCREUR_Public/071217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, December 17, 2007, Vol. 8, No. 249

                            Headlines




A U S T R I A

ACTION AGENCY: Claims Registration Period Ends Dec. 27
ASPECK LLC: Claims Registration Period Ends Dec. 21
E. MIEDLER: Claims Registration Period Ends Dec. 21
MONDTECH LLC: Graz Court Orders Business Shutdown


G E R M A N Y

ARKADE-BAU GMBH: Claims Registration Period Ends Jan. 10, 2008
BETRIEBSWIRT KRUEGER: Claims Registration Ends Jan. 5, 2008
CK BRANDSCHUTZSERVICE: Claims Registration Ends January 21, 2008
DEILMANN-HANIEL SCHACHTBAU: Claims Period Ends Jan. 8, 2008
DRIVE IN'S HOLZ: Claims Registration Period Ends Jan. 17, 2008

ELASO VERSAND: Claims Registration Period Ends Jan. 17, 2008
ESTHER'S BACKSTUBEN: Claims Period Ends Jan. 9, 2008
FAME GASTRONOMIE: Creditors' Meeting Slated for Jan. 15, 2008
FAN PLAN: Creditors' Meeting Slated for December 18
GERMAN MEDICAL: Claims Registration Period Ends Jan. 4, 2008

H + K BAU: Claims Registration Period Ends Jan. 7, 2008
H.A.F. SANITARTECHNIK: Claims Registration Ends January 23, 2008
INGENIEUR KUNST: Creditors' Meeting Slated for Jan. 8, 2008
INSIDE 2000: Claims Registration Period Ends Jan. 14, 2008
KAYSER-BAU GMBH: Claims Registration Ends January 25, 2008

LEG-TUBBERGEN: Claims Registration Period Ends Jan. 9, 2008
PROSIEBENSAT.1 MEDIA: Restructures Sat.1's Berlin Management
SALUTA ZWEITE: Creditors' Meeting Slated for Jan. 2, 2008
WENDPATH COMMUNICATIONS: Creditors' Meeting Slated for Jan. 2
WENZEL + PARTNER: Claims Registration Ends January 25, 2008

WOLFGANG JANTSCH: Claims Registration Ends January 16, 2008


I T A L Y

ALITALIA SPA: Defers Stake Buyer Selection to Dec. 18, 2007
ALITALIA SPA: Singapore Airlines Denies Approach
TISCALI SPA: Launches Tiscali TV in Italy


K A Z A K H S T A N

BIDAI NAN: Proof of Claim Deadline Slated for Jan. 9, 2008
CORONA ASIA: Creditors Must File Claims by Jan. 11, 2008
GOLDEN TEMPL: Claims Filing Period Ends Jan. 11, 2008
KARTEPLOENERGO OJSC: Creditors' Claims Due on Jan. 9, 2008
KORDAI GAS: Claims Registration Ends Jan. 11, 2008

NUR-AVITSENUM LLP: Claims Deadline Slated for Jan. 9, 2008
PROM PROGRESS: Creditors Must File Claims by Jan. 11, 2008
SBS PROJECT: Claims Filing Period Ends  Jan. 11, 2008
TEMIRALI LLP: Creditors' Claims Due on Jan. 15, 2008


K Y R G Y Z S T A N

DAMIR & COMPANY: Creditors Must File Claims by January 11, 2008


L U X E M B O U R G

EVRAZ GROUP: To Pay Up to US$2.2 Billion for Ukrainian Assets
GELDILUX-TS-2005: Fitch Rates Class E Notes at B on Performance
ISLAND REFINANCING: Moody's Junks EUR46 Mln Class X-2007 Notes


P O L A N D

ACXIOM CORP: Moody's Confirms Ba2 Corporate Family Rating


P O R T U G A L

LUSITANO SME 1: Fitch Rates EUR34.1 Million Notes at BB


R U S S I A

EVRAZ GROUP: To Pay Up to US$2.2 Billion for Ukrainian Assets
INPROMSTEEL LLC: Creditors Must File Claims by Feb. 1, 2008
MEZENSKAYA LUMBER: Creditors Must File Claims by Feb. 1, 2008
NARYAN-MARSKIJ: Creditors Must File Claims by Jan. 1, 2008
PERVOMAISKAGROPROMCHEMIE OJSC: Asset Sale Slated for Dec. 28

PSKOVSKIYE ELECTRIC: Bankruptcy Hearing Slated for April 3, 2008
RZHEVSKAYA CARPET: Creditors Must File Claims by Feb. 1, 2008
SDSU NOVOKUZNETSK: Court Starts Bankruptcy Supervision Process
SISTEMA-HALS: Links with Hebei Construction for Russian Projects
SOLNECHNOGORSKIJ METAL: Court Hearing Slated for March 27, 2008

TEGUL'DETSKIJ: Creditors Must File Claims by Feb. 1, 2008
TNK-BP HOLDING: To Pump Oil to China Via Transneft Pipeline


S P A I N

GRUPO LLANERA: Wants Valencia Court to Okay Land Sale to NewCo


S W I T Z E R L A N D

ADASTRA II: Creditors' Liquidation Claims Due by December 20
DROMEX JSC: Bern Court Closes Bankruptcy Proceedings
FOOD - CORNER MITCH: Lucerne Court Starts Bankruptcy Proceedings
GRIFFON TRADING: Creditors Must File Claims by December 20
IDEA PLAN: Zug Court Closes Bankruptcy Proceedings

INDUTRANS JSC: Creditors' Liquidation Claims Due by December 20
MANVILLE INVESTMENT: Creditors Must File Claims by December 20
R. GANTENBEIN: Creditors' Liquidation Claims Due by December 20
SEYMOUR TRADING: Creditors Must File Claims by December 20
STIGEHALA JSC: Zug Court Starts Bankruptcy Proceedings


T U R K E Y

TEKSTIL BANKASI: Fitch Affirms IDR at B with Stable Outlook


U K R A I N E

INVEST-BUILDING LLC: Creditors Must File Claims by December 19
LEMMA-SERVICE-2007: Creditors Must File Claims by December 19
PRIDE-PRODUCTS LLC: Creditors Must File Claims by December 19
SONAT LLC: Creditors Must File Claims by December 19
SPARES+ LLC: Creditors Must File Claims by December 19


U N I T E D   K I N G D O M

A.E. INTERIOR: Brings In Administrators from Smith & Williamson
ASH BUILD: Names Administrator from Tenon Recovery
BLUE STUFF: Appoints Peter Hollis as Liquidator
BRAYMONT LTD: Taps Joint Administrators from DTE Leonard
DIRECT2DEALER LTD: Taps Michael Young to Liquidate Assets

GLASS RANGE: Claims Filing Period Ends April 30, 2008
HAM CONSTRUCTION: Taps Grant Thornton as Joint Administrators
L S Q 2 BIRMINGHAM: Brings In Liquidators from Wilkins Kennedy
LUDGATE FUNDING 2006-FF1: S&P Puts Class S and E Notes on Watch
M K LEISURE: Claims Filing Period Ends March 7, 2008

MANGO CATERING: Names Keith Aleric Stevens Liquidator
MANSARD MORTGAGES 2007-2: S&P Rates Class B2 Notes at BB
NORTHERN ROCK: Goldman Sachs Tapped to Assess Bid Financing
POLYTEK UK: Calls In Liquidators from Tenon Recovery
REGENT PRINT: Joint Liquidators Take Over Operations

RENTOKIL INITIAL: B to C Volumes Fall Short of Q3 2007 Target
RUTLAND WINDOWS: Brings In Administrators from Begbies Traynor


                           *********


=============
A U S T R I A
=============


ACTION AGENCY: Claims Registration Period Ends Dec. 27
------------------------------------------------------
Creditors owed money by LLC Action Agency (FN 230253h) have
until Dec. 27 to file written proofs of claim to court-appointed
estate administrator Wolfgang Gerhard Zorn at:

         Dr. Wolfgang Gerhard Zorn
         c/o Mag. Dominik Baurecht
         Weihburggasse 4/22
         1010 Vienna
         Austria
         Tel: 533 66 61
         Fax: 533 66 61-92
         E-mail: office@gnbz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Jan. 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 5 (Bankr. Case No. 4 S 128/07m).  Dominik Baurecht
represents Dr. Zorn in the bankruptcy proceedings.


ASPECK LLC: Claims Registration Period Ends Dec. 21
---------------------------------------------------
Creditors owed money by LLC Aspeck (FN 279403m) have until
Dec. 21 to file written proofs of claim to court-appointed
estate administrator Andreas Berchtold at:

         Mag. Andreas Berchtold
         Raubergasse 16/I
         8010 Graz
         Austria
         Tel: 0316/83 58 62-0
         Fax: 0316/83 58 62-6
         E-mail: andreas.berchtold@bk-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 205
         Hall K
         Second Floor
         Graz
         Austria

Headquartered in Vasoldsberg, Austria, the Debtor declared
bankruptcy on Nov. 5 (Bankr. Case No. 40 S 33/07m).


E. MIEDLER: Claims Registration Period Ends Dec. 21
---------------------------------------------------
Creditors owed money by LLC E. Miedler Fleischspezialitaten (FN
97194h) have until Dec. 21 to file written proofs of claim to
court-appointed estate administrator Walter Kainz at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Jan. 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 2 (Bankr. Case No. 3 S 144/07g).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


MONDTECH LLC: Graz Court Orders Business Shutdown
-------------------------------------------------
The Land Court of Graz entered an order shutting down the
business of LLC Mondtech (FN 263030i,).

Court-appointed estate administrator Wolfgang Klobassa
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Wolfgang Klobassa
         Conrad-von-Hoetzendorf-Strasse 15
         8570 Voitsberg
         Austria
         Tel: 03142/21850
         Fax: 03142/21850-6
         E-mail: insolvenz@ra-semlitsch-klobassa.at

Headquartered in Voitsberg, Austria, the Debtor declared
bankruptcy on Oct. 25 (Bankr. Case No 26 S 90/07s).


=============
G E R M A N Y
=============


ARKADE-BAU GMBH: Claims Registration Period Ends Jan. 10, 2008
--------------------------------------------------------------
Creditors of Arkade-Bau GmbH have until Jan. 10, 2008 to
register their claims with court-appointed insolvency manager
Dietmar Penzlin.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Itzehoe
         Hall 2
         Theodor-Heuss-Platz 3
         25524 Itzehoe
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dietmar Penzlin
          Rathausstrasse 2
          20095 Hamburg
          Germany

The District Court of Itzehoe opened bankruptcy proceedings
against Arkade-Bau GmbH on Nov. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Arkade-Bau GmbH
          Bahnhofstr. 30
          25524 Itzehoe
          Germany


BETRIEBSWIRT KRUEGER: Claims Registration Ends Jan. 5, 2008
-----------------------------------------------------------
Creditors of Betriebswirt Krueger GmbH have until Jan. 5, 2008,
to register their claims with court-appointed insolvency manager
Dr. Thorsten Fuest.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Thorsten Fuest
          Gerichtsstr. 3
          33602 Bielefeld
          Germany

The District Court of Detmold opened bankruptcy proceedings
against Betriebswirt Krueger GmbH on Nov. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Betriebswirt Krueger GmbH
          Buergerplatz 2
          32657 Lemgo
          Germany


CK BRANDSCHUTZSERVICE: Claims Registration Ends January 21, 2008
----------------------------------------------------------------
Creditors of CK Brandschutzservice und -vertriebs GmbH have
until Jan. 21, 2008 to register their claims with court-
appointed insolvency manager, Dr. Gerrit Hoelzle.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Meeting Hall C407
         Fourth Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against CK Brandschutzservice und -vertriebs GmbH on Nov. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CK Brandschutzservice und -vertriebs GmbH
         Poststr. 151
         46562 Voerde
         Germany

         Attn: Carol Nicole Kuehn, Manager
         Poststrasse 151
         46562 Voerde
         Germany


DEILMANN-HANIEL SCHACHTBAU: Claims Period Ends Jan. 8, 2008
-----------------------------------------------------------
Creditors of Deilmann-Haniel Schachtbau GmbH have until Jan. 8,
2008 to register their claims with court-appointed insolvency
manager Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 1.101
         Gerichtsplatz 22
         44135 Dortmund
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Deilmann-Haniel Schachtbau GmbH on Nov. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Deilmann-Haniel Schachtbau GmbH
         Haustenbecke 1
         44319 Dortmund
         Germany

         Attn: Wolfgang Peters, Manager
         Muensterstr. 156
         33775 Versmold
         Germany


DRIVE IN'S HOLZ: Claims Registration Period Ends Jan. 17, 2008
--------------------------------------------------------------
Creditors of Drive in's Holz GmbH have until Jan. 17, 2008 to
register their claims with court-appointed insolvency manager
Mechthild Bruche.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on March 3, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Room 216
         Office Building 2
         Baumenstrasse 28
         Fuerth
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Mechthild Bruche
         Stahlstrasse 17
         90411 Nuernberg
         Germany
         Tel: 0911-9512850
         Fax: 0911-9512850

The District Court of Fuerth opened bankruptcy proceedings
against Drive in's Holz GmbH on Dec. 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Drive in's Holz GmbH
         Industriestr. 14
         90765 Fuerth
         Germany


ELASO VERSAND: Claims Registration Period Ends Jan. 17, 2008
------------------------------------------------------------
Creditors of elaso Versand GmbH have until Jan. 17, 2008 to
register their claims with court-appointed insolvency manager
Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 28, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall C301
         Olbrichtplatz 1
         01099 Dresden
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden
         Germany
         Website: http://www.whitecaseinso.de/

The District Court of Dresden opened bankruptcy proceedings
against elaso Versand GmbH on Dec. 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         elaso Versand GmbH
         Attn: Inge Koehler, Manager
         Flinzstr. 15 c
         02625 Bautzen
         Germany


ESTHER'S BACKSTUBEN: Claims Period Ends Jan. 9, 2008
----------------------------------------------------
Creditors of Esther's Backstuben GmbH have until Jan. 9, 2008 to
register their claims with court-appointed insolvency manager
Andreas Schafft.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Feb. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall 208
         Lindenallee 15
         Meiningen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Schafft
         Willy Brand Platz 1
         99084 Erfur
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Esther's Backstuben GmbH on Dec. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Esther's Backstuben GmbH
         Attn: Esther Haring, Manager
         Bodenweg 6
         98617 Meiningen
         Germany


FAME GASTRONOMIE: Creditors' Meeting Slated for Jan. 15, 2008
-------------------------------------------------------------
The court-appointed insolvency manager for FAME Gastronomie
GmbH, Carsten Cervera will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:25
a.m. on Jan. 15, 2008.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:35 a.m. on April 8, 2008, at the same
venue.

Creditors have until Feb. 9, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Carsten Cervera
         Schuetzenstr. 6 a
         10117 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against FAME Gastronomie GmbH on Nov. 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FAME Gastronomie GmbH
         Oranienburger Strasse 48/49
         10117 Berlin
         Germany


FAN PLAN: Creditors' Meeting Slated for December 18
---------------------------------------------------
The court-appointed insolvency manager for FAN PLAN GmbH
Planung, Projektentwicklung, Projektsteuerung, Christian
Koehler-Ma will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:05 a.m. on
Dec. 18.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:40 a.m. on April 8, 2008, at the same
venue.

Creditors have until Feb. 8, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against FAN PLAN GmbH Planung, Projektentwicklung,
Projektsteuerung on Nov. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         FAN PLAN GmbH Planung, Projektentwicklung,
         Projektsteuerung
         Wernerstrasse 5
         14193 Berlin
         Germany


GERMAN MEDICAL: Claims Registration Period Ends Jan. 4, 2008
------------------------------------------------------------
Creditors of German Medical Center GmbH Management Consulting
Services have until Jan. 4, 2008, to register their claims with
court-appointed insolvency manager Rainer Michael Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 8:25 a.m. on Feb. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Rainer Michael Bahr
         Prinzenstr. 14
         30159 Hannover
         Germany
         Tel: 0511 8503058-0
         Fax: 0511 8503058-8

The District Court of Hannover opened bankruptcy proceedings
against German Medical Center GmbH Management Consulting
Services on Nov. 28.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          German Medical Center GmbH Management Consulting
          Services
          Dehmer Str. 87
          32549 Bad Oeynhausen
          Germany


H + K BAU: Claims Registration Period Ends Jan. 7, 2008
-------------------------------------------------------
Creditors of H + K Bau GmbH have until Jan. 7, 2008 to register
their claims with court-appointed insolvency manager Dr. jur.
Marcus Egner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. jur. Marcus Egner
         Moltkestrasse 40
         74072 Heilbronn
         Germany
         Tel: 07131/60990
         Fax: 07131/609962

The District Court of Heilbronn opened bankruptcy proceedings
against H + K Bau GmbH on Dec. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         H + K Bau GmbH
         Attn: Ramiz Kuc, Manager
         Im Schwarzbrunnen 11
         74177 Bad Friedrichshall
         Germany


H.A.F. SANITARTECHNIK: Claims Registration Ends January 23, 2008
----------------------------------------------------------------
Creditors of H.A.F. Sanitartechnik GmbH have until Jan. 23, 2008
to register their claims with court-appointed insolvency manager
Peter C. Darr.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Feb. 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Meeting Hall 157/I
         Residenzplatz 4-6
         87435 Kempten
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter C. Darr
         Candidplatz 13
         81543 Munich
         Germany
         Tel: (089) 6146960
         Fax: (089) 61469-666

The District Court of Kempten opened bankruptcy proceedings
against H.A.F. Sanitartechnik GmbH on Nov. 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         H.A.F. Sanitartechnik GmbH
         Hertinger Weg 15
         87484 Nesselwang
         Germany


INGENIEUR KUNST: Creditors' Meeting Slated for Jan. 8, 2008
-----------------------------------------------------------
The court-appointed insolvency manager for IK INGENIEUR KUNST
GmbH, Rolf-Dieter Moenning will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:30
a.m. on Jan. 8, 2008.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:35 a.m. on April 1, 2008, at the same
venue.

Creditors have until Feb. 8, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Rolf-Dieter Moenning
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against IK INGENIEUR KUNST GmbH on Nov. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IK INGENIEUR KUNST GmbH
         Burgstrasse 27
         10178 Berlin
         Germany


INSIDE 2000: Claims Registration Period Ends Jan. 14, 2008
----------------------------------------------------------
Creditors of INSIDE 2000 Software & EDV-Dienstleistungen GmbH
have until Jan. 14, 2008, to register their claims with court-
appointed insolvency manager Klaus Albert Maier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Klaus Albert Maier
         Wilhelmstr. 12
         70182 Stuttgart
         Tel: 0711/16424-0
         Fax: 0711/16424-24
         E-mail: info@maier-anwaltskanzlei.de

The District Court of Aalen opened bankruptcy proceedings
against INSIDE 2000 Software & EDV-Dienstleistungen GmbH on
Nov. 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         INSIDE 2000 Software & EDV-Dienstleistungen GmbH
         Attn: Johann Buettner
         ManagerKoenigsturmstr. 2
         73525 Schwabisch Gmuend
         Germany


KAYSER-BAU GMBH: Claims Registration Ends January 25, 2008
----------------------------------------------------------
Creditors of Kayser-Bau GmbH & Co. KG have until Jan. 25, 2008
to register their claims with court-appointed insolvency manager
Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 25, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Kayser-Bau GmbH & Co. KG on Nov. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kayser-Bau GmbH & Co. KG
         Westenhellweg 68
         44137 Dortmund
         Germany


LEG-TUBBERGEN: Claims Registration Period Ends Jan. 9, 2008
-----------------------------------------------------------
Creditors of LEG-Tubbergen GmbH have until Jan. 9, 2008, to
register their claims with court-appointed insolvency manager
Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Jan. 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Manfred Vellmer
          Adalbertstrasse 8
          48565 Steinfurt
          Germany
          Tel: 02552/638710
          Fax: 02552/6387111

The District Court of Nordhorn opened bankruptcy proceedings
against LEG-Tubbergen GmbH on Nov. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         LEG-Tubbergen GmbH
         Attn: Johann Legtenborg, Manager
         Wilsumer Strasse 20
         49847 Itterbeck
         Germany


PROSIEBENSAT.1 MEDIA: Restructures Sat.1's Berlin Management
------------------------------------------------------------
The ProSiebenSat.1 Group's Executive Board will restructure
Sat.1's Berlin station management effective Jan. 1, 2008.

The board has appointed Torsten Rossmann, 44, as an additional
Managing Director of Sat.1.

Mr. Rossmann will be in charge of Information & Magazines,
Marketing, and Controlling.

Matthias Alberti, 44, has been appointed Chairman of the
Management Board.

Volker Szezinski, 47, as Deputy Managing Director, will also
have responsibility for German Fiction, in addition to
Scheduling, Licensed Programming, and Co-productions.  Alongside
his management position at Sat.1, Dr. Rossmann will remain
Chairman of the Management Board of news station N24.

"By adding Torsten Rossmann as a Managing Director, we hope to
strengthen Sat.1 especially in Information and News," Guillaume
de Posch, CEO of ProSiebenSat.1 Media AG, said.  "I am certain
that Dr. Rossmann will quickly make his mark here, and
strengthen the station's profile.  The entire management team
around Matthias Alberti has the full support of the Executive
Board.  I am confident that in the coming year Sat.1 will
strengthen its performance and expand its position as a full-
service channel for the whole family."

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                          *     *     *

As of Dec. 4, 2007, ProsiebenSat.1 Media AG carries Moody's
Investors Service Ba1 senior unsecured and corporate family
ratings.


SALUTA ZWEITE: Creditors' Meeting Slated for Jan. 2, 2008
---------------------------------------------------------
The court-appointed insolvency manager for SALUTA Zweite
Grundstuecksverwaltungs GmbH & Co. Kochstrasse KG, Udo Feser
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:25 a.m. on
Jan. 2, 2008.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:20 a.m. on April 9, 2008, at the same
venue.

Creditors have until Feb. 9, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against SALUTA Zweite Grundstuecksverwaltungs GmbH &
Co. Kochstrasse KG on Nov. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         SALUTA Zweite Grundstuecksverwaltungs GmbH & Co.
         Kochstrasse KG
         Uhlandstr. 7-8
         10623 Berlin
         Germany


WENDPATH COMMUNICATIONS: Creditors' Meeting Slated for Jan. 2
-------------------------------------------------------------
The court-appointed insolvency manager for WendPath
Communications GmbH, Sebastian Laboga will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:35 a.m. on Jan. 2, 2008.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany


The Court will also verify the claims set out in the insolvency
manager's report at 10:25 a.m. on April 9, 2008, at the same
venue.

Creditors have until Feb. 9, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against WendPath Communications GmbH on Nov. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WendPath Communications GmbH
         Fasanenstr. 61
         10719 Berlin
         Germany


WENZEL + PARTNER: Claims Registration Ends January 25, 2008
-----------------------------------------------------------
Creditors of WENZEL + PARTNER, WOHNBAU GmbH have until Jan. 25,
2008 to register their claims with court-appointed insolvency
manager Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Feb. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ulm
         Hall E 40
         Olgastr. 106
         89073 Ulm
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Pluta
         c/o PLUTA Rechtsanwalts GmbH
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731-96880-0
         Fax: 0731-96880-50
         E-mail: ulm@pluta.net

The District Court of Ulm opened bankruptcy proceedings against
WENZEL + PARTNER, WOHNBAU GmbH on Nov. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         WENZEL + PARTNER, WOHNBAU GmbH
         Attn: Juergen Wenzel, Manager
         Wagnerstr. 65
         89077 Ulm
         Germany


WOLFGANG JANTSCH: Claims Registration Ends January 16, 2008
-----------------------------------------------------------
Creditors of Wolfgang Jantsch Wollfabrikations-Gesellschaft mbH
have until Jan. 16, 2008 to register their claims with court-
appointed insolvency manager Dr. Bernd Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Bernd Peters
         Wall 146
         28195 Bremen
         Germany
         Tel: 0421/24 4009-0
         Fax: 0421/24 40 09-29

The District Court of Verden (Aller) opened bankruptcy
proceedings against Wolfgang Jantsch Wollfabrikations-
Gesellschaft mbH on Nov. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Wolfgang Jantsch Wollfabrikations-Gesellschaft mbH
         Attn: Wolfgang Jantsch, Manager
         Huettengrund 8
         28832 Achim
         Germany


=========
I T A L Y
=========


ALITALIA SPA: Defers Stake Buyer Selection to Dec. 18, 2007
-----------------------------------------------------------
Alitalia S.p.A.'s Board of Directors has decided to further
examine the information regarding the selection of the subject
with whom to start up exclusive negotiations, and has convened a
new Board meeting at 4:00 p.m. on Dec. 18, 2007, in order to
take the definitive decisions on the subject.

According to Bloomberg News, a meeting between Italian Prime
Minister Romano and his cabinet failed to choose a buyer for its
49.9% stake in Alitalia due to a split in choices between the
ministers.

"Everyone, from their position, is trying to find the best
solution for the company and the country," Industry Minister
Pier Luigi Bersani was quoted by Bloomberg News as saying.

"We will be having more discussions in the coming days,"
Transport Minister Alessandro Bianchi told Bloomberg News.

As reported in the TCR-Europe on Dec. 7, 2007, Alitalia received
non-binding proposals for the Italian government's 49.9% stake
from:

   -- Air France-KLM,
   -- AP Holding S.p.A., and
   -- Cordata Baldassarre.

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


ALITALIA SPA: Singapore Airlines Denies Approach
------------------------------------------------
Singapore Airlines has denied expressing an interest in
acquiring the Italian government's 49.9% stake in Alitalia
S.p.A., Reuters reports.

Alitalia said it received a communication from a lawyer who
forwarded a letter signed by representatives of:

   -- SA Holdings Ltd.,
   -- Evergreen LLC, and
   -- THL Transportation

on the subject of "Acquisition of 49.90% of Alitalia S.p.A."

In the communication, Evergreen LLC, as coordinator of a
consortium that will include Singapore Airlines (SA), together
with Evergreen Special Situation Fund LP III and THL
Transportation Equities Fund (THL), shows strong interest in
putting forward an offer to acquire the said percentage of
Alitalia's capital, from the Ministry of Economy and Finance.

In this regard, specifying that, on Sept. 11, 2007, advisor
Citi's representatives met with the CEO of Singapore Airlines,
Mr. Chew Choon Seng who, on that occasion, stated that there
were no strategic interest for investing in Alitalia, notice is
given that the Company feels duty bound to transmit the
communication to the Ministry of Economy and Finance for
deliberations within its sphere of competence.

As reported in the TCR-Europe on Dec. 7, 2007, Alitalia received
non-binding proposals for the Italian government's 49.9% stake
from:

   -- Air France-KLM,
   -- AP Holding S.p.A., and
   -- Cordata Baldassarre.

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


TISCALI SPA: Launches Tiscali TV in Italy
-----------------------------------------
Tiscali S.p.A. has launched Tiscali TV in Italy.  The television
channel, transmitted over IP network and received directly on
home TVs, will initially be available in the Cagliari, Milan and
Rome areas and will be free until March 31, 2008.

The service combines IP (Internet Protocol) and DTT (Digital
Terrestrial Television) television programming and will be
gradually expanded across Italy over the coming year.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over
1.5 million are broadband users.

Tiscali posted consecutive net losses for the past years:
EUR5.5 million in 1999, EUR101 million in 2000, EUR1.66 billion
in 2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and
EUR103.6 million in 2006.  It posted EUR3.88 million in net
losses on EUR614.33 million in net revenues for the nine months
ended Sept. 30, 2007.


===================
K A Z A K H S T A N
===================


BIDAI NAN: Proof of Claim Deadline Slated for Jan. 9, 2008
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared OJSC Bidai Nan insolvent.

Creditors have until Jan. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


CORONA ASIA: Creditors Must File Claims by Jan. 11, 2008
--------------------------------------------------------
LLP Corona Asia has declared insolvency.  Creditors have until
Jan. 11, 2008, to submit written proofs of claims to:

         LLP Corona Asia
         Fazlayev Str. 84
         Taraz
         Jambyl
         Kazakhstan


GOLDEN TEMPL: Claims Filing Period Ends Jan. 11, 2008
-----------------------------------------------------
LLP Golden Templ has declared insolvency.  Creditors have until
Jan. 11, 2008, to submit written proofs of claims to:

         LLP Golden Templ
         Kirov Str. 72-45
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


KARTEPLOENERGO OJSC: Creditors' Claims Due on Jan. 9, 2008
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared OJSC Karteploenergo insolvent.

Creditors have until Jan. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


KORDAI GAS: Claims Registration Ends Jan. 11, 2008
--------------------------------------------------
LLP Company Kordai Gas has declared insolvency.  Creditors have
until Jan. 11, 2008, to submit written proofs of claims to:

         LLP Company Kordai Gas
         Kenesary Str. 151
         Kordai
         Kordaiski District
         485610, Jambyl Region
         Kazakhstan


NUR-AVITSENUM LLP: Claims Deadline Slated for Jan. 9, 2008
----------------------------------------------------------
LLP Oil Medical Corporation Nur-Avitsenum has declared
insolvency.  Creditors have until Jan. 11, 2008, to submit
written proofs of claims to:

         LLP Oil Medical Corporation - Nur-Avitsenum
         Shorsa Str. 18
         Almaty
         Kazakhstan


PROM PROGRESS: Creditors Must File Claims by Jan. 11, 2008
----------------------------------------------------------
LLP Prom Progress has declared insolvency.  Creditors have until
Jan. 11, 2008, to submit written proofs of claims to:

         LLP Prom Progress
         Djandosov Str. 58
         Almaty
         Kazakhstan


SBS PROJECT: Claims Filing Period Ends  Jan. 11, 2008
-----------------------------------------------------
LLP SBS Project has declared insolvency. Creditors have until
Jan. 11, 2008, to submit written proofs of claims to:

         LLP SBS Project
         Kabanbai batyr Str. 164
         Almaty
         Kazakhstan


TEMIRALI LLP: Creditors' Claims Due on Jan. 15, 2008
----------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Temirali insolvent.  Creditors have until
Jan. 15, 2008, to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Saraishyk Str. 19-92
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 50-03-73


===================
K Y R G Y Z S T A N
===================


DAMIR & COMPANY: Creditors Must File Claims by January 11, 2008
---------------------------------------------------------------
LLC Damir & Company has declared insolvency.  Creditors have
until Jan. 11, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-772) 22-51-62.


===================
L U X E M B O U R G
===================


EVRAZ GROUP: To Pay Up to US$2.2 Billion for Ukrainian Assets
-------------------------------------------------------------
Evraz Group S.A. disclosed that the production assets in Ukraine
are temporarily owned by Lanebrook Limited, Evraz's majority
shareholder, which is acting as an intermediary to facilitate
the transaction with the ultimate sellers of the assets.

This Evraz's acquisition, having certain related party features,
has the oversight of Evraz's independent directors.  Independent
directors will be presented with a fairness opinion delivered by
a reputable international appraisers' organization. On receiving
such opinion independent directors will decide on issuance of
new shares in favor of Lanebrook.

The total consideration to be paid by Evraz is expected to be in
the range of US$2 billion to US$2.2 billion including
approximately US$1 billion in cash.

Evraz's Board of Directors will approve the final price and the
structure of the transaction in full compliance with corporate
governance rules on transactions with related parties.

Evraz Group confirms it is aware of its disclosure obligations
as a listed company.  Further announcements will be made in due
course.

As reported in the TCR-Europe on Dec. 13, 2007, Evraz signed an
agreement to acquire majority share holdings in selected
production assets in Ukraine:

   -- a 99.25% share holding in the Sukhaya Balka iron ore
      mining and processing complex with a total annual
      production capacity of 3.75 million tons of iron ore;

   -- a 95.57% share holding in the Dnepropetrovsk Iron and
      Steel Works with a total annual capacity of 1.8 million
      tons of pig iron and 1.23 million tons of crude steel; and

   -- three coking plants (Bagleykoks: 93.74%, Dneprkoks:
      98.65%, and Dneprodzerzhinsk Coke Chemical Plant: 93.83%
      of shares outstanding) with a total annual capacity of
      3.52 million tons of metallurgical coke.

Evraz will make a payment for the acquired assets with a
combination of cash and new equity.

The final terms and structure of the deal will be voted by
Evraz's Board of Directors based on a fairness opinion provided
by a reputable international appraisers' organization that will
conduct an independent valuation of the assets.

Once approved by the Board, the deal will not be subject to any
other, including regulatory, approvals and is expected to be
closed in the first quarter of 2008.

"We view this transaction as yet another important step in
realization of our strategies," Alexander Frolov, Evraz's
Chairman and Chief Executive Officer, said.  "The acquisition
will allow us to increase iron ore self-sufficiency and ensure
further upstream integration.  It will also create captive
intra-group coke-making demand for the excess production of the
Company's coal mines in Siberia.  This deal also represents
another step in the Evraz's geographical diversification into
one of the lowest cost steel producing regions."

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Nov. 30, 2007, Moody's
Investor's Service upgraded the corporate family rating
for Evraz Group from Ba3 to Ba2.  Moody's also has upgraded the
ratings for the Senior Unsecured global bonds at Evraz Group
S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the
Senior guaranteed Eurobonds at Evraz Securities S.A. totaling
US$300 million due in 2009 from Ba3 to Ba2.  Moody's said the
outlook on all ratings is stable.

As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign
Issuer Credit ratings from Standard & Poor's.  S&P said the
Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


GELDILUX-TS-2005: Fitch Rates Class E Notes at B on Performance
---------------------------------------------------------------
Fitch Ratings has affirmed GELDILUX-TS-2005 S.A.'s floating-rate
notes due December 2012:

Series 1:

   -- EUR2.101 billion Class A (ISIN XS0221114696): affirmed at
      'AAA'

   -- EUR36.3 million Class B (ISIN XS0221115743): affirmed at
      'A'

   -- EUR25.3 million Class C (ISIN XS0221116634): affirmed at
      'BBB'

   -- EUR11 million Class D (ISIN XS0221116980): affirmed at
      'BB'

   -- EUR4.4 million Class E (ISIN XS0221117442): affirmed at
      'B'

Series 2:

   -- EUR1.242 billion Class A (ISIN XS0221120156): affirmed at
      'AAA'

   -- EUR21.45 million Class B (ISIN XS0221120826): affirmed at
      'A'

   -- EUR14.95 million Class C (ISIN XS0221121477): affirmed at
      'BBB'

   -- EUR6.5 million Class D (ISIN XS0221121980): affirmed at
      'BB'

   -- EUR2.6 million Class E (ISIN XS0221122442): affirmed at
      'B'

Series 3:

   -- EUR1.91 billion Class A (ISIN XS0221125114): affirmed at
      'AAA'

   -- EUR33 million Class B (ISIN XS0221126195): affirmed at 'A'

   -- EUR23 million Class C (ISIN XS0221127326): affirmed at
      'BBB'

   -- EUR10 million Class D (ISIN XS0221127912): affirmed at
      'BB'

   -- EUR4 million Class E (ISIN XS0221128647): affirmed at 'B'

This transaction was last reviewed in December 2006.  The
affirmations reflect the transaction's stable performance to
date.  Two loans are currently in default (defined as delinquent
for 30 days or more), representing 0.0225% of the total
portfolio balance.  One further loan had previously defaulted
(0.0164% of the portfolio), but had since been worked-out
without any loss.  As of the December 2007 investor report,
there is currently one delinquency (due payments outstanding
between one and 29 days).  The portfolio is currently made up of
0.55% of loans rated 8, 9, 10/Z (the lowest rating categories on
Bayerische Hypo-und Vereinsbank AG's internal rating scale).

Currently, 45.1% of the portfolio is secured.  The weighted
average collateralization ratio of the portfolio was 30.8% at
the last review and 27.8% at closing.  The minimum percentage is
25%.

Loans have an average remaining term of 48 days compared to a
maximum average remaining term of 90 days.  The largest regional
concentration is in Bavaria: 42.4% compared to 46.1% at the last
review and 45.5% at closing.  The largest industry concentration
is the real-estate sector, totaling 31.8% compared to 28.3% at
the last review and 38.7% at closing.

The loans pay interest on a fixed basis and the issuer has
entered into an interest-rate swap agreement with HVB Banque
Luxembourg to enable the payment of 3-month-Euribor on the
issued notes.  In addition, the issuer has entered into a
currency swap agreement, as a bucket equivalent up to
EUR1.8 billion is denominated in CHF.  Currently, 17.5% of loans
are denominated in CHF.

The transaction is a true-sale securitization of short-term
German loans.  Geldilux-TS-2005 S.A. is a special purpose
vehicle incorporated under the laws of the Grand Duchy of
Luxembourg.  The proceeds from the note issuance were used to
purchase a EUR5.5 billion portfolio of Euroloans originated and
serviced by HVB on behalf of the seller, HVB Lux.


ISLAND REFINANCING: Moody's Junks EUR46 Mln Class X-2007 Notes
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the CMBS/NPL issuance by Island Refinancing S.r.l.:

   -- Aaa to the EUR257,000,000 Class A-2007 Asset-Backed
      Floating Rate Notes due 2025;

   -- A2 to the EUR62,000,000 Class B-2007 Asset-Backed
      Floating Rate Notes due 2025;

   -- Baa3 to the EUR60,000,000 Class C-2007 Asset-Backed
      Floating Rate Notes due 2025;

   -- Ba2 to the EUR32,000,000 Class D-2007 Asset-Backed
      Floating Rate Notes due 2025;

   -- Caa1 to the EUR46,000,000 Class X-2007 Asset-Backed
      Floating Rate Notes due 2025.

Moody's has not assigned ratings to the Class E and the Class F
Notes of the Issuer.

The Class B, the Class C, the Class D and the Class X Notes are
subject to interest deferral mechanisms based on the performance
of the special servicer, Pirelli RE Credit Servicing S.p.A.  The
Class X Notes will defer interest for the first two semi-annual
Note payment dates while interest payments on later payment
dates are capped at a fixed amount.  Hence, as the interest
deferral does not accrue interest, Class X Noteholders will not
be compensated for not receiving interest on time.  The total
present value loss of such deferred interest payments depends
significantly on the performance of the special servicer.

For this transaction, Island Finance (ICR 4) S.p.A. and Island
Finance 2 (ICR7) S.r.l. sold the still outstanding loan
portfolios from ICR4 and ICR7 to the Issuer, which in turn
financed this purchase and the related transactions costs by
issuing the Notes.  The aim of the transaction is the
refinancing of:

   (i) the two warehousing loans granted in January 2007 to ICR4
       to fund the redemption of, respectively, the outstanding
       ICR4 Senior Notes and the ICR4 Class E Notes,

  (ii) one warehouse loan granted to ICR7 to fund the redemption
       of the outstanding ICR7 Senior Notes in April 2007 and

(iii) the outstanding ICR7 Class E Notes at the closing date.

The portfolio includes 4,952 non-performing business plan credit
lines secured by mortgages and 2,872 secured and unsecured non-
performing business plan credit lines granted to borrowers which
are also borrowers of the Mortgage Portfolio.  The Portfolio has
a gross book value of EUR1,902,063,336 and is specially serviced
by PRECS.  The total estimated disposition proceeds from the
Portfolio are EUR672,844,442, whereas the special servicer is
benchmarked against the total initial business plan of
cumulatively EUR614,607,526, which represents the estimated
disposition proceeds of the Mortgage Portfolio.  Overall, the
Portfolio is secured by commercial and residential properties
with an aggregated property value, as appraised by the special
servicer, of EUR1,402,307,052.  The Portfolio is geographically
concentrated in the Southern Italian island of Sicily
(approximately 91.6% in terms of GBV) due to the strong
historical regional presence of the initial seller, Banco di
Sicilia.  In terms of borrower concentration, the largest
borrower represents 2.2 per cent of GBV while the top 10
borrowers represent 14.6 per cent of GBV.

The ratings of the Notes are based upon:

   (i) Moody's assessment of the special servicer's business
       plan in relation to the Portfolio and the risks
       associated with it in terms of amounts and timing of
       collections;

  (ii) Moody's assessment of the underlying loans and their
       related real estate collateral quality and diversity;

(iii) Moody's assessment of the performance of the precedent
       transactions, ICR4 and ICR7;

  (iv) the availability of a committed liquidity facility
       provided by Mediobanca -- Banca di Credito Finanziario
       S.p.A (NR), guaranteed by UBS AG, London Branch
       (Aaa, P-1), which can be used to cover shortfalls of
       interest on the Class A, B, and C Notes and senior
       expenses;

   (v) the sequential paydown structure;

  (vi) the level of subordination provided by the subordinated
       Notes;

(vii) the impact of interest deferrals and potential cash flows
       allocation to the Class E Notes, depending on the
       business plan performance over time;

(viii) the interest rate swap provided by UBS Limited,
       guaranteed by UBS AG (Aaa, P-1); and

  (ix) the legal and structural features of the issue.

The key strengths of the transaction include:

   (i) the experience of PRECS in servicing and working out such
       loan portfolios;

  (ii) the loan diversity; and

(iii) property diversity in terms of number and types.

The main weaknesses of the transaction are:

   (i) the regional concentration in Sicily;

  (ii) the borrower concentration and

(iii) the dependence on PRECS in servicing and working out the
       Portfolio.

As such, the ratings of the Notes are sensitive to the
performance of the special servicer.

Moody's ratings of the Notes address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date only for the Class A, the Class B and the Class C
Notes.  Moody's ratings address only the credit risks associated
with the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


===========
P O L A N D
===========


ACXIOM CORP: Moody's Confirms Ba2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service confirmed Acxiom's Ba2 corporate
family rating and assigned a negative rating outlook, concluding
a review for possible downgrade initiated on May 17, 2007
following the company's announcement that it had entered into a
definitive agreement to be acquired by Silver Lake and ValueAct
Capital for US$3 billion.

On Oct. 1, 2007, Acxiom reached a settlement agreement with
Silver Lake and ValueAct Capital to terminate the previously
announced acquisition pursuant to which Acxiom received US$65
million in cash.

The negative outlook reflects the challenges the company will
have to regain organic revenue growth and profitability and the
potential impact from the downturn in the financial services
market, which accounts for approximately 25% of their business.

The Ba2 corporate family rating confirmation reflects the
company's leadership position in the database marketing services
space, solid free cash flow and liquidity position and moderate
financial leverage.  The rating is constrained by its relatively
high client (top 30 clients represented about 50% of fiscal 2007
revenues) and business line concentration, modest size, and
market challenges including consumer privacy and potential
regulatory concerns.

The ratings could be downgraded if the company were to increase
its share repurchase or acquisition activity such that there is
a leveraging event that results in free cash flow to debt of
less than 5%, or if operating margins decline significantly from
historical results.  Given the negative outlook, a rating
upgrade is unlikely at the present time.  The rating outlook
could be stabilized were the company to demonstrate free cash
flow to debt (adjusted for capitalized leases) exceeding 15% on
a sustained basis.

Ratings confirmed:

   -- Corporate Family Rating - Ba2

   -- Probability of Default Rating - Ba3

   -- US$544 million Senior Secured Term Loan due September 2012
      - Ba2, LGD 3, 30%

   -- US$200 million Senior Secured Revolving Credit Facility
      expiring September 2011 - Ba2, LGD 3, 30%

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Argentina, Australia, China,
Mexico, Portugal, Poland, among others.  The company has about
US$1.4 billion in revenues and US$343 million of EBITDA for the
twelve months ended September 2007


===============
P O R T U G A L
===============


LUSITANO SME 1: Fitch Rates EUR34.1 Million Notes at BB
-------------------------------------------------------
Fitch Ratings has affirmed Lusitano SME No.1 plc EUR834.57
million notes due in August 2028, following a satisfactory
performance review:

   -- EUR759.53 million Class A: affirmed at 'AAA'
   -- EUR40.97 million Class B: affirmed at 'AAA'
   -- EUR34.1 million Class C: affirmed at 'BB'

The affirmations reflect the stable performance of the
transaction. Since closing of the transaction, none of the
portfolio triggers have been breached.  The level of defaults
has increased to 1.01% (EUR 8,662,355.56).  Defaults are defined
as loans in arrears over 180 days as a percentage of the
original collateral.  In addition, the defaults are completely
offset by the excess spread that has been trapped from the
collateral.  Excess spread from the collateral is being captured
to provision for 100% of defaults and delinquencies.

The ratings are based on the quality of the collateral,
available credit enhancement (CE), the financial structure of
the transaction, the underwriting and servicing of the
collateral, the guarantee from the European Investment Fund and
the transaction's legal structure.  It should be noted that for
the Class B notes, the 'AAA' rating would not have been achieved
without the guarantee provided by the EIF.  The reserve fund
will be available during the three-year revolving period, which
ends once the amortization period starts.  The ratings address
the timely payment of interest and ultimate repayment of
principal on maturity.

This transaction is a cash flow securitization of loans to
Portuguese small- to medium-sized enterprises granted by Banco
Espirito Santo (BES, rated 'A+'/'F1'/Outlook Stable). When
deriving the credit quality of the portfolio, Fitch used its
proprietary cumulative default rate model for the Portuguese SME
sector.


===========
R U S S I A
===========


EVRAZ GROUP: To Pay Up to US$2.2 Billion for Ukrainian Assets
-------------------------------------------------------------
Evraz Group S.A. disclosed that the production assets in Ukraine
are temporarily owned by Lanebrook Limited, Evraz's majority
shareholder, which is acting as an intermediary to facilitate
the transaction with the ultimate sellers of the assets.

This Evraz's acquisition, having certain related party features,
has the oversight of Evraz's independent directors.  Independent
directors will be presented with a fairness opinion delivered by
a reputable international appraisers' organization. On receiving
such opinion independent directors will decide on issuance of
new shares in favor of Lanebrook.

The total consideration to be paid by Evraz is expected to be in
the range of US$2 billion to US$2.2 billion including
approximately US$1 billion in cash.

Evraz's Board of Directors will approve the final price and the
structure of the transaction in full compliance with corporate
governance rules on transactions with related parties.

Evraz Group confirms it is aware of its disclosure obligations
as a listed company.  Further announcements will be made in due
course.

As reported in the TCR-Europe on Dec. 13, 2007, Evraz signed an
agreement to acquire majority share holdings in selected
production assets in Ukraine:

   -- a 99.25% share holding in the Sukhaya Balka iron ore
      mining and processing complex with a total annual
      production capacity of 3.75 million tons of iron ore;

   -- a 95.57% share holding in the Dnepropetrovsk Iron and
      Steel Works with a total annual capacity of 1.8 million
      tons of pig iron and 1.23 million tons of crude steel; and

   -- three coking plants (Bagleykoks: 93.74%, Dneprkoks:
      98.65%, and Dneprodzerzhinsk Coke Chemical Plant: 93.83%
      of shares outstanding) with a total annual capacity of
      3.52 million tons of metallurgical coke.

Evraz will make a payment for the acquired assets with a
combination of cash and new equity.

The final terms and structure of the deal will be voted by
Evraz's Board of Directors based on a fairness opinion provided
by a reputable international appraisers' organization that will
conduct an independent valuation of the assets.

Once approved by the Board, the deal will not be subject to any
other, including regulatory, approvals and is expected to be
closed in the first quarter of 2008.

"We view this transaction as yet another important step in
realization of our strategies," Alexander Frolov, Evraz's
Chairman and Chief Executive Officer, said.  "The acquisition
will allow us to increase iron ore self-sufficiency and ensure
further upstream integration.  It will also create captive
intra-group coke-making demand for the excess production of the
Company's coal mines in Siberia.  This deal also represents
another step in the Evraz's geographical diversification into
one of the lowest cost steel producing regions."

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Nov. 30, 2007, Moody's
Investor's Service upgraded the corporate family rating
for Evraz Group from Ba3 to Ba2.  Moody's also has upgraded the
ratings for the Senior Unsecured global bonds at Evraz Group
S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the
Senior guaranteed Eurobonds at Evraz Securities S.A. totaling
US$300 million due in 2009 from Ba3 to Ba2.  Moody's said the
outlook on all ratings is stable.

As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign
Issuer Credit ratings from Standard & Poor's.  S&P said the
Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


INPROMSTEEL LLC: Creditors Must File Claims by Feb. 1, 2008
-----------------------------------------------------------
Creditors of InPromSteel LLC have until Feb. 1, 2008, to submit
proofs of claim to:

         A. N. Lantsov
         P.O. Box 58
         121614 Moscow
         Russia

The Arbitration Court of Moscow commenced competitive
proceedings against the company after finding it insolvent on
Nov. 6.  The case is docketed under Case No. A40-21186/
07-95-79B.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         InPromSteel LLC
         Block 2
         Otkrytoye Shosse 48a
         107370 Moscow
         Russia


MEZENSKAYA LUMBER: Creditors Must File Claims by Feb. 1, 2008
-------------------------------------------------------------
Creditors of Mezenskaya Lumber Company LLC have until Feb. 1,
2008, to submit proofs of claim to:

         S. E. Tifanov
         Competitive Proceedings Manager
         Volodarskogo Str. 36a
         163000 Arkhangel'sk
         Russia

The Arbitration Court of Arkhangel'sk commenced competitive
proceedings against the company after finding it insolvent on
Nov. 6.  The case is docketed under Case No. A40-21186/
07-95-79B.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         Mezenskaya Lumber Company LLC
         Melospol'ye Village
         Leshukonskij Raion
         Arkhangel'sk
         Russia


NARYAN-MARSKIJ: Creditors Must File Claims by Jan. 1, 2008
----------------------------------------------------------
Creditors of NAO Naryan-marskij Timbermill State Unitary
Enterprise have until Jan. 1, 2008, to submit proofs of claim
to:

         P. V. Epifanov
         P.O. Box 59
         163000 Arkhangel'sk,
         Russia

The Arbitration Court of Arkhangel'sk region commenced
competitive proceedings against the company after finding it
insolvent on Nov. 9.  The case is docketed under Case No.
A05-9400/2007.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         NAO Naryan-marskij Timbermill State Unitary Enterprise
         Smidovicha Str. 20
         166000 Naryan-Mar
         Russia


PERVOMAISKAGROPROMCHEMIE OJSC: Asset Sale Slated for Dec. 28
------------------------------------------------------------
The Appraisal House Fin-Expert LLC, acting on behalf of the
Competitive proceedings manager of OJSC
PervomaiskAgroPromChemie, will open a public auction for the
company's properties at 3:00 p.m. on Dec. 28 at:

         Appraisal House Fin-Expert LLC
         Technicheskaya 3
         Orenburg
         Russia
         Tel:  (3532) 24-28-29, 36-13-37

The company has set a RUR1,231,000 starting price for the assets
on auction.  Deposit required is 10% of the starting price.

Interested participants have until Dec. 26 to submit their
bidding documents to:

         Appraisal House Fin-Expert LLC
         Technicheskaya 3
         Orenburg
         Russia
         Tel: (3532) 24-28-29, 36-13-37

The Debtor can be reached at:

         OJSC PervomaiskAgroPromChemie
         Transportnaya Str. 3
         Pervomaiskij Settlement
         Pevomaiskij Raion
         Orenburg
         Russia


PSKOVSKIYE ELECTRIC: Bankruptcy Hearing Slated for April 3, 2008
----------------------------------------------------------------
The Arbitration Court of Pskov will convene at 10:00 a.m. on
April 3, 2008, to hear the bankruptcy supervision procedure
against OJSC Pskovskiye Electric Motors after finding it
insolvent on Oct. 31.  The case is docketed under Case No.
A52-4537/2007.

The Interim Manager is:

         V. A. Danilov
         Truda Str. 37
         180019 Pskov
         Russia

The Court is located at:

         The Arbitration Court of Pskov
         Room 123
         Nekrasova 23
         180001 Pskov
         Russia

The Debtor can be reached at:

         OJSC Pskovskiye Electric Motors
         Krasnogorskaya Nab. 26
         180021 Pskov
         Russia


RZHEVSKAYA CARPET: Creditors Must File Claims by Feb. 1, 2008
-------------------------------------------------------------
Creditors of Rzhevskaya Carpet Weaving Factory LLC have until
Feb. 1, 2008, to submit proofs of claim to:

         A. B. Mamazaitov
         Competitive Proceedings Manager
         1st Pereulok Krasnoy Slobody 7/1, 417
         Tver'
         Russia

The Arbitration Court of Tver' commenced competitive
proceedings against the company after finding it insolvent on
Nov. 9.  The case is docketed under Case No. A66-5072/2007.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         Rzhevskaya Carpet Weaving Factory LLC
         Kosarova Str. 33/39
         Rzhev
         172381 Tver'
         Russia
         Website: http://www.dsf.ru/clients/rktf/


SDSU NOVOKUZNETSK: Court Starts Bankruptcy Supervision Process
--------------------------------------------------------------
The Arbitration Court of Kemerovo commenced six-months
bankruptcy supervision procedure against OJSC SDSU Novokuznetsk
after finding it insolvent on Nov. 7.  The case is docketed
under Case No. A27-10496/2007-4.

The Interim Manager is:

         A. N. Ovchinnikov
         Tukhachevskogo Str. 45-25
         650070 Kemerovo
         Russia

The Debtor can be reached at:

         OJSC SDSU Novokuznetsk
         Schorsa Str. 5a
         Novokuznetsk
         Russia


SISTEMA-HALS: Links with Hebei Construction for Russian Projects
----------------------------------------------------------------
Sistema-Hals JSC announced Dec. 13, 2007, the signing of a
strategic partnership agreement with Hebei Construction Group, a
Chinese state-owned company, to carry out development projects
in Russia.

Under the agreement, Sistema-Hals plans to engage Hebei
Construction Group as a general contractor to carry out
construction work on certain of its development projects for a
pre-agreed set fee for each project.  In addition, Sistema-Hals
and Hebei Construction Group intend to set up a joint venture to
carry out other construction work in Russia.

The first project where Sistema-Hals envisages the involvement
of Hebei Construction Group as a general contractor will be the
business-class "Emerald Valley" residential complex at 28A
Yelninskaya Street, Moscow.  The property is being built as part
of the complex reconstruction of the Kuntsevo district and when
completed will cover an area of more than 60,000mư.

"With its world-class expertise in construction technology, and
its highly professional management and workforce, Hebei
Construction Group is able to offer the full range of
construction services using first-rate materials.  By combining
the strength and know-how of Sistema-Hals and Hebei Construction
Group we believe that this strategic partnership will result in
synergies which will improve the efficiency of operations in our
development projects, as well as cutting costs," Felix
Evtushenkov, Sistema-Hals president disclosed.

"The agreement with Sistema-Hals will open up a range of
opportunities for exploiting the potential of Hebei Construction
Group in Russia and the CIS.  The partnership between our two
companies will be of a strategic nature and will not be
restricted to the execution of contractual construction work",
Zhang Xiuming, chairman of the board of directors at Hebei
Construction Group added.

Headquartered in Moscow, Russia, Sistema-Hals JSC --
http://www.sistema.com/-- is a 71.1% subsidiary of Sistema
JSFC.  It is one of the leading property developers in Moscow
and the Moscow region, with operations in the six regions in
Russia, as well as Yalta and Kyiv in the Ukraine.  In addition
to its real estate development business activities, the company
is involved in a number of large-scale governmental
infrastructural projects in the capacity of project manager.
During fiscal year of 2006, Sistema-Hals reported revenue of
US$282.9 million and EBITDA of US$94.9 million.

                           *    *    *

As reported in the TCR-Europe on July 5, 2007, Moody's Investors
Service assigned a B1 foreign currency corporate family rating
to Sistema-Hals, a real estate development company based in
Moscow.  Moody's said the outlook on the rating is stable.

Fitch Ratings has assigned JSC Sistema-Hals Long-term Issuer
Default Rating 'B+', Short- term IDR 'B' and National Long-term
rating 'A-(rus)'.  The Outlooks for the Long-term IDR and
National Long-term rating are Stable.


SOLNECHNOGORSKIJ METAL: Court Hearing Slated for March 27, 2008
---------------------------------------------------------------
The Arbitration Court of Moscow will convene on March 27, 2008,
to hear the six-months bankruptcy supervision procedure against
CJSC Solnechnogorskij Metal Product Plant.  The case is docketed
under Case No. A41-K2-13202/07.

The Interim Manager is:

         P. V. Pimenov
         P.O. Box 39
         115211 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Solnechnogorskij Metal Product Plant
         Rekintso 29
         Solnechnogorsk
         141500 Moscow
         Russia


TEGUL'DETSKIJ: Creditors Must File Claims by Feb. 1, 2008
---------------------------------------------------------
Creditors of Federal State Unitary Mezhkhozyastvenny
Logging Enterprise Tegul'Detskij have until Feb. 1, 2008, to
submit proofs of claim to:

         I. V. Gorn
         Competitive Proceedings Manager
         P.O. Box 1530
         634006 Tomsk
         Russia

The Arbitration Court of Tomsk commenced competitive
proceedings against the company after finding it insolvent on
Oct. 15.  The case is docketed under Case No. A67-3931/06.

The Debtor can be reached at:

         Federal State Unitary Mezhkhozyastvenny
         Logging Enterprise Tegul'Detskij
         Mayakovskogo Str. 45
         Tegul'det
         636900 Tomsk
         Russia


TNK-BP HOLDING: To Pump Oil to China Via Transneft Pipeline
-----------------------------------------------------------
TNK-BP Holding Ltd. has applied with OAO Transneft to pump
500,000 metric tons of oil to China via the Atasu-Alashankou
pipeline in the first quarter 2008, RIA Novsoti reports citing
Jonathan Kollek, TNK-BP vice-president for sales and logistics.

Mr. Kollek told RIA NOvsoti that TNK-BP is building an oil
terminal in Novosibirsk, Russia, that, after completion in first
quarter 2008, will allow the company to export 100,000 metric
tons a month of high-quality oil to China, Kazakhstan and the
Black Sea coast, via the Caspian oil pipeline or through the
Russian Black Sea port of Novorossiisk.

TNK-BP plans to cut oil exports by 9.3% year-on-year by the end
of 2007 to 36.7 million metric tons while increasing refined
products exports by 4.8% to 15.28 million metric tons, RIA
Novosti relates.

Anthony Considine, TNK-BP vice-president for refining, told RIA
Novsoti that the move was to take advantage of the government
incentives to oil firms to increase sales of petroleum products.

Mr. Considine added that TNK-BP will invest US$1 billion to
US$1.5 billion to modernize its refineries in 2008-2013.

                          About TNK-BP

Headquartered in Moscow, Russia, TNK-BP Holding Ltd. operates
six refineries in Russia and Ukraine, and markets products
through 2,100 retail service stations operating under TNK and BP
brand.  BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                          *     *     *

TNK-BP International Ltd. carries BB long-term foreign and local
currency ratings and B short-term foreign and local currency
ratings from Standard & Poor's.


=========
S P A I N
=========


GRUPO LLANERA: Wants Valencia Court to Okay Land Sale to NewCo
--------------------------------------------------------------
Grupo Llanera asked a Valencia commercial court for permission
to sell a 9 million square meter land located in Riba-roja,
Valencia, to NewCo, the Financial Times reports, citing El Pais
as its source.

According to the report, the land, on which Llanera has a
mortgage from Lehman Brothers Bankhaus for over EUR156 million,
was formerly owned by Regadios y Energia Valenciana.

FT says the proceeds of the sale will be used by Llanera to
repay certificates of indebtedness with Bancaja and Banco de
Valencia totaling about EUR46,416,808.

However, sources at both of the financial institutions declined
to confirm the existence of such financial instruments, FT
relates.

Headquartered in Valencia, Spain, Grupo Llanera --
http://www.grupollanera.com/-- is multi-service group dedicated
to the building, town planning and real estate management.  The
company, founded by Fernando Gallego in 1988, initially
developed real estate properties in the Valencia region mainly
in the building and industrial sectors.

The company filed for bankruptcy protection at the Commercial
Court of Valencia on Oct. 2, 2007, citing substantial liquidity
constraints.


=====================
S W I T Z E R L A N D
=====================


ADASTRA II: Creditors' Liquidation Claims Due by December 20
------------------------------------------------------------
Creditors of JSC Adastra II Holding have until Dec. 20 to submit
their claims to:

         JSC Intactus Treuhand
         Baarerstrasse 71
         6302 Zug
         Switzerland

The Debtor can be reached at:

         JSC Adastra II Holding
         Zug
         Switzerland


DROMEX JSC: Bern Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Banking Commission of the Swiss Confederation in Bern
entered Nov. 13 an order closing the bankruptcy proceedings of
JSC Dromex.

The Banking Commission of the Swiss Confederation can be reached
at:

         Banking Commission of the Swiss Confederation
         3001 Bern
         Switzerland

The Debtor can be reached at:

         JSC Dromex
         6300 Zug
         Switzerland


FOOD - CORNER MITCH: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Sursee in Lucerne commenced bankruptcy
proceedings against LLC Food-Corner Mitch & Malz on Nov. 7.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC Food-Corner Mitch & Malz
         Allmendstrasse 10
         6210 Sursee LU
         Switzerland


GRIFFON TRADING: Creditors Must File Claims by December 20
-----------------------------------------------------------
Creditors of JSC Griffon Trading have until Dec. 20 to submit
their claims to:

         Dr. Leo Granziol
         Liquidator
         Bahnhofstrasse 32
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Griffon Trading
         Zug
         Switzerland


IDEA PLAN: Zug Court Closes Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Service of Zug entered Nov. 6 an order closing
the bankruptcy proceedings of LLC Idea Plan.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Idea Plan
         Neugasse 4
         6300 Zug
         Switzerland


INDUTRANS JSC: Creditors' Liquidation Claims Due by December 20
---------------------------------------------------------------
Creditors of JSC Indutrans have until Dec. 20 to submit their
claims to:

         Hans Durrer
         Liquidator
         Gotthardstrasse 20
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Indutrans
         Zug
         Switzerland


MANVILLE INVESTMENT: Creditors Must File Claims by December 20
--------------------------------------------------------------
Creditors of JSC Manville Investment have until Dec. 20 to
submit their claims to:

         Dr. Leo Granziol
         Liquidator
         Bahnhofstrasse 32
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Manville Investment
         Zug
         Switzerland


R. GANTENBEIN: Creditors' Liquidation Claims Due by December 20
---------------------------------------------------------------
Creditors of JSC R. Gantenbein have until Dec. 20 to submit
their claims to:

         JSC Girsberger & Rutsche Treuhand
         Liquidator
         Im Lerchenfeld 2
         9535 Wilen b. Wil SG
         Switzerland

The Debtor can be reached at:

         JSC R. Gantenbein
         Bronschhofen
         Wil SG
         Switzerland


SEYMOUR TRADING: Creditors Must File Claims by December 20
----------------------------------------------------------
Creditors of JSC Seymour Trading & Finance have until Dec. 20 to
submit their claims to:

         Dr. Leo Granziol
         Liquidator
         Bahnhofstrasse 32
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Seymour Trading & Finance
         Zug
         Switzerland


STIGEHALA JSC: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC STIGEHALA on Oct. 23.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC STIGEHALA
         Chamerstrasse 172
         6300 Zug
         Switzerland


===========
T U R K E Y
===========


TEKSTIL BANKASI: Fitch Affirms IDR at B with Stable Outlook
-----------------------------------------------------------
Fitch Ratings has affirmed Tekstil Bankasi A.S.'s ratings as:

   -- Long-term foreign currency Issuer Default Rating: affirmed
      at 'B'

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Long-term local currency IDR: affirmed at 'B'

   -- Short-term local currency IDR: affirmed at 'B'

   -- National Long-term rating: affirmed at 'BBB+(tur)'

   -- Individual rating: affirmed at 'D'

   -- Support rating: affirmed at '5'

   -- Support Rating Floor: Affirmed at No Floor

The Outlooks for the Long-term IDRs and the National Long-term
rating are Stable.

The ratings of Tekstilbank reflect its limited but improving
profitability, moderate capitalization and limited franchise in
a competitive operating environment.  These are balanced by its
good asset quality, sound internal risk management policies and
increased free capital.

Tekstilbank has historically had good asset quality, despite an
increase in NPLs due to increased focus in riskier retail loans,
NPL ratio stood at a still good 1.1% in 9M07 (2006: 0.9%) being
aided by 19% loan growth.  Reserve coverage was strong at 120%.
In 9M07, the bank recorded TRY35m net income, indicating a
strong recovery in profitability to an annualized operating ROAE
of 16.6%, driven by higher margins.  Following the operational
risk charges, the capital adequacy ratio (mainly Tier 1)
declined to 12.8% at 9M07 (2006: 14.1%).  In Fitch's opinion,
improvements in capitalisation are essential to support the
planned growth, given the bank's small size, limited earnings
power and wholesale funding profile.

Tekstilbank, established in 1986, has been majority-owned by GSD
Holding AS, (GSD Holding) since 2002. GSD Holding has interests
in financial institutions and foreign trade business.
Tekstilbank is a mid-sized bank in Turkey with 56 domestic
branches focusing on corporate and commercial banking as well as
trade finance, with an increased emphasis on retail banking and
SMEs.


=============
U K R A I N E
=============


INVEST-BUILDING LLC: Creditors Must File Claims by December 19
--------------------------------------------------------------
Creditors of LLC Invest-Building (code EDRPOU 31060667) have
until Dec. 19 to submit written proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/267-07.

The Debtor can be reached at:

         LLC Invest-Building
         Illiynskaya Str. 61
         Apartment 428
         61063 Kharkov
         Ukraine


LEMMA-SERVICE-2007: Creditors Must File Claims by December 19
-------------------------------------------------------------
Creditors of LLC Lemma-Service-2007 (code EDRPOU 34839920) have
until Dec. 19 to submit written proofs of claims to:

         The Economic Court of Kharkov
         Svoboda Square 5
         Derzhprom 8th Entrance
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/261-07.

The Debtor can be reached at:

         LLC Lemma-Service-2007
         Apartment 127
         Gogol Str. 58
         Boyarka
         Kiev
         Ukraine


PRIDE-PRODUCTS LLC: Creditors Must File Claims by December 19
-------------------------------------------------------------
Creditors of LLC Pride-Products (code EDRPOU 33609137) have
until Dec. 19 to submit written proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/270-07.

The Debtor can be reached at:

         LLC Pride-Products
         Apartment 32
         S. Zakora Str. 16
         Komsomolskoye
         Zmiyev District
         Kharkov
         Ukraine


SONAT LLC: Creditors Must File Claims by December 19
----------------------------------------------------
Creditors of LLC Sonat (code EDRPOU 31423968) have until Dec. 19
to submit written proofs of claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/248-b.

The Debtor can be reached at:

         LLC Sonat
         Chernigov Str. 3
         Olishavka
         15575 Chernigov
         Ukraine


SPARES+ LLC: Creditors Must File Claims by December 19
------------------------------------------------------
Creditors of LLC Agricultural Spares+ (code EDRPOU 32707167)
have until Dec. 19 to submit written proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/463-b.

The Debtor can be reached at:

         LLC Agricultural Spares+
         Apartment 43
         Staronovodnitskaya Str. 8-A
         01015 Kiev
         Ukraine


===========================
U N I T E D   K I N G D O M
===========================


A.E. INTERIOR: Brings In Administrators from Smith & Williamson
---------------------------------------------------------------
Stephen John Tancock and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint administrators of A.E.
Interior Services Ltd. (Company Number 03328753) on Nov. 26.

Smith & Williamson -- http://www.smith.williamson.co.uk/--
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

         A.E. Interior Services Ltd.
         Orchard House
         Station Road
         Rainham
         Gillingham
         Kent
         ME8 7RS
         England
         Tel: 01795 477 884


ASH BUILD: Names Administrator from Tenon Recovery
--------------------------------------------------
D.R. Beat of Tenon Recovery was named administrator of Ash Build
(London) Ltd. (Company Number 04341619) on Nov. 19.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Ash Build (London) Ltd.
         3 Church Road
         Croydon
         Surrey
         CR0 1SG
         England
         Tel: 020 8253 8060


BLUE STUFF: Appoints Peter Hollis as Liquidator
-----------------------------------------------
Peter Hollis of Vantis was appointed liquidator of Blue Stuff
Ltd. on Dec. 5 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


BRAYMONT LTD: Taps Joint Administrators from DTE Leonard
--------------------------------------------------------
J.M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Braymont Ltd. (Company Number 1777329)
on Nov. 28.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

The company can be reached at:

         Braymont Ltd.
         Oldham Broadway Business Park
         Chadderton
         Oldham
         OL9 9XA
         England
         Tel: 0161 688 6558
         Fax: 0161 688 6560
         Web site: http://www.braymont.co.uk/


DIRECT2DEALER LTD: Taps Michael Young to Liquidate Assets
---------------------------------------------------------
Michael Young of Vantis was appointed liquidator of
Direct2Dealer Ltd. on Dec. 6 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


GLASS RANGE: Claims Filing Period Ends April 30, 2008
-----------------------------------------------------
Creditors of Glass Range 2000 Ltd. have until April 30, 2008 to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Mustafa Hassanali Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England

Mustafa Hassanali Abdulali of Moore Stephens was appointed
liquidator of the company on Dec. 5 for the creditors' voluntary
winding-up procedure.


HAM CONSTRUCTION: Taps Grant Thornton as Joint Administrators
-------------------------------------------------------------
Joseph P McLean and Keith Hinds of Grant Thornton UK LLP were
appointed joint administrators of Ham Construction Ltd. (Company
Number 00950114) and Ham Holdings Ltd. (Company Number 04219772)
on Nov. 27.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The companies can be reached at:

         Ham Construction Ltd.
         Unit 1 Whitehall Properties
         Town Gate
         Wyke
         Bradford
         West Yorkshire
         BD12 9JQ
         England
         Fax: 01274 600 238


L S Q 2 BIRMINGHAM: Brings In Liquidators from Wilkins Kennedy
--------------------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of L S Q 2 (Birmingham)
Ltd. on Nov. 30 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         RG1 2SB
         England


LUDGATE FUNDING 2006-FF1: S&P Puts Class S and E Notes on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its credit ratings on the class E and S
deferrable interest rate notes series 2006-FF1 issued by Ludgate
Funding PLC.

At the same time, the ratings on all other notes in the
transaction were affirmed.

Ludgate 2006-1 drew GBP598,059 from a reserve of GBP1.5 million
on the December interest payment date.  The draw represents
39.87% of the available reserve fund taking the reserve to 0.24%
of the initial note balance compared with 0.40% at closing.

The reserve fund draw is primarily driven by differences in the
interest rate received from the loans paying Bank of England
base rate and the three-month LIBOR due on the liabilities,
which are unhedged in this transaction.  All of the mortgage
loans are either currently linked to the BBR, or will revert to
it on the expiry of their fixed or discount periods.  To
mitigate this risk at closing, Standard & Poor's looked at the
historical difference between LIBOR and BBR over time and
modelled this additional risk in its cash flows.

Standard & Poor's undertook a cash flow analysis taking into
account the current and expected level of reserve in the near
term.  This analysis showed that the likelihood of a negative
rating action has increased for the class E notes and class S
deferrable interest rate notes.  Any further rating action will
be taken based on the collateral performance, the level of
credit enhancement, excess spread available over the next few
months, and cash flow projections.

Standard & Poor's has recently seen a peak in the difference
between LIBOR and BBR, which has caused a reduction of excess
spread for those transactions with unhedged basis risk. There
was a rate difference of 0.99% for Ludgate 2006-1 this period;
LIBOR was set on Sept. 3, 2007 at 6.74% and the BBR on the
mortgages was unchanged at 5.75%.  For the March 2008 IPD, the
notes were set on Dec. 3 at 6.62%. Following the reduction in
the BBR on Dec. 6, the interest rate on the mortgages will reset
in January to 5.5%.  If the BBR changes again in January, then
the new rate will be set for the month of February; otherwise,
they will remain at 5.5% for the last month of this quarter.

Given the large and increasing (with the potential to increase
even further) differences between LIBOR and BBR over the current
quarter, Standard & Poor's is expecting a substantial reserve
fund draw on the March 2008 IPD.  If the differences continue,
there could potentially be a complete depletion of the reserve
fund in the next few quarters.

The collateral has performed well to date. As of Oct. 31, 2007,
total delinquencies were 5.61%, with 90+ day delinquencies at
1.77%.  Repossessions have increased in the current period to
GBP1.8 million from GBP168,427 in September, representing 0.64%
of the outstanding balance.  Cumulative losses are negligible at
GBP11,661.  Prepayments for the period were 26.36%.

Standard & Poor's will be closely monitoring the performance
over the coming months.  A reduction in the collection rates
(interest received versus interest due) will put further
pressure on excess spread and the size of any reserve fund
draws.

Ludgate is backed by a pool of first-ranking mortgages secured
over freehold and leasehold, owner-occupied, and "buy-to-let"
properties in the U.K. originated by Freedom Funding Ltd.
Freedom Funding was established in May 2004. In July 2006, 100%
of the shares of Freedom Funding were acquired by Merrill Lynch
International Bank, its current, ultimate parent.  This
transaction was Freedom Funding's first securitization of a
portfolio of mortgages using the Ludgate Funding mortgage asset-
backed MTN program.  The loans are serviced by Mortgages PLC.

Standard & Poor's continues to monitor this transaction closely.
The results of our ongoing analysis and any rating changes are
expected within three months of this media release.

                          Ratings List

Ludgate Funding PLC Series 2006-FF1
   GBP271.8 Million And EUR156.4 Million Mortgage-Backed
   Floating-Rate Notes Series 2006-FF1

         Class                    Rating
                    To                            From

   Ratings Placed On CreditWatch With Negative Implications

         E          BB/Watch Neg                  BB
         S          BB/Watch Neg                  BB

   Ratings Affirmed

         A1a        AAA
         A1b        AAA
         A2a        AAA
         A2b        AAA
         Ba         AA
         Bb         AA
         C          A
         D          BBB


M K LEISURE: Claims Filing Period Ends March 7, 2008
----------------------------------------------------
Creditors of M K Leisure Wear Ltd. have until March 7, 2008 to
send their full names, address and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Mustafa Hassanali Abdulali
         Liquidator
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England

Mustafa Hassanali Abdulali was appointed liquidator of the
company on Dec. 7 for the creditors' voluntary winding-up
proceeding.


MANGO CATERING: Names Keith Aleric Stevens Liquidator
-----------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed
liquidator of Mango Catering Services Ltd. on Dec. 4 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Wilkins Kennedy
         Gladstone House
         77-79 High Street
         Egham
         TW20 9HY
         England


MANSARD MORTGAGES 2007-2: S&P Rates Class B2 Notes at BB
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings
to the GBP550 million mortgage-backed floating-rate notes issued
by Mansard Mortgages 2007-2 PLC.

This is Rooftop Mortgages Ltd.'s fifth securitization, following
Farringdon Mortgages No. 1 PLC, Farringdon Mortgages No. 2 PLC,
Mansard Mortgages 2006-1 PLC, and the most recent transaction,
Mansard Mortgages 2007-1 PLC, which closed in March 2007.

The notes are backed by a pool of first-ranking mortgages
secured over freehold and leasehold properties in England,
Wales, and Scotland.  All the mortgages in the pool were
originated by Rooftop.

In this transaction, as in Mansard Mortgages 2007-1, the
liquidity facility is used ahead of the reserve fund to cover
any revenue shortfalls for senior expenses and note interest.
Principal deficiency ledger triggers restrict the use of
liquidity to cover interest on the subordinated notes.  The
liquidity fund is not available to clear PDL balances.

                           Ratings List

Mansard Mortgages 2007-2 PLC
   GBP550 Million Mortgage-Backed Floating-Rate Notes

                                           Amount
         Class          Rating           (Mln. GBP)
         -----          ------            --------
          A1             AAA               413.040
          A2             AAA                20.910
          M1             AA                 42.625
          M2             A                  31.350
          B1             BBB                23.100
          B2             BB                 18.975


NORTHERN ROCK: Goldman Sachs Tapped to Assess Bid Financing
-----------------------------------------------------------
Alistair Darling, Britain's Chancellor of the Exchequer, has
appointed Goldman Sachs Group Inc. to help assess financing
packages being put together by potential buyers of Northern Rock
Plc, which will help determine the optimum package for the
troubled lender, Gavin Finch and Nandini Sukumar write for
Bloomberg News, citing a Treasury spokesman.

The move came following reports that Citigroup, Royal Bank of
Scotland and Deutsche Bank may not be willing to provide a GBP15
billion credit line that it had earlier promised, the Telegraph
says.

The Financial Times reported over the weekend that Virgin Group
Ltd. and Olivant Advisers Ltd. are struggling to raise money for
a takeover deal and to repay GBP25 billion to taxpayers,
Bloomberg relates.

Northern Rock spokesman Ron Stout and a Goldman Sachs spokesman
declined to comment.

Olivant, the boutique private equity firm led by former Abbey
National Plc CEO Luqman Arnold, plans to inject up to GBP900
million of fresh capital into the bank.  Meanwhile, the Virgin
Consortium's indicative proposal, promises to repay GBP11
billion to the Bank of England at completion of the transaction
- and the Bank of England will have a clear path
towards repayment in full.  The Virgin Consortium also proposes
that all interest accruing to the Company's financing sources,
including under the Bank of England facilities, will be paid in
cash rather than rolled-up for payment in due course.

The Virgin consortium includes WL Ross & Co, Toscafund Asset
Management LLP and First Eastern Investment Group.

Sources told The Telegraph's Yvette Essen Monday that Olivant
has come under pressure from the British government, the Bank of
England and the Northern Rock board to boost the amount of cash
it is injecting into the mortgage lender.  Iain Dey, writing for
The Telegraph, says the parties believe that Olivant's proposal
lack enough new equity and could undermine the bank's future
financial strength.

In a TCR-Europe report on Dec. 14, 2007, Northern Rock disclosed
that total impairments, including potential impairments on the
collateralized debt obligation portfolio, amounts to GBP281
million.

The bank has appointed Andy Kuipers to succeed Adam Applegarth
as its chief executive officer effective, upon approval from the
Financial Services Authority.

British Prime Minister Gordon Brown, resisting calls to
nationalize Northern Rock, said Dec. 5 that it is not ruling out
any solution for the bank, even as the government seeks a buyer,
preferably from the private sector, Bloomberg adds.

A nationalization could force Britain to pay GBP1.7 billion to
Northern Rock's shareholders, including Rab Capital and SRM
Global, The Telegraph relates.

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.

                          *     *     *

As reported in the TCR-Europe on Sept. 28, 2007, Standard &
Poor's Ratings Services placed its 'A-/A-1' counterparty credit
ratings on U.K. bank Northern Rock PLC on CreditWatch with
developing implications.  At the same time, the 'BBB'
subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with
developing implications.


POLYTEK UK: Calls In Liquidators from Tenon Recovery
----------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint liquidators of Polytek U.K. Ltd.
on Dec. 3 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


REGENT PRINT: Joint Liquidators Take Over Operations
----------------------------------------------------
Clive Morris of Marshall Peters Ltd. and Nigel Price of Moore
Stephens were appointed joint liquidators of Regent Print Ltd.
(formerly Regent Print Group Ltd. and J.A. Oldham (Printers)
Ltd.) on Nov. 21 for the creditors' voluntary winding-up
procedure.

Mr. Morris can be reached at:

         Marshall Peters Ltd.
         Heskin Hall Farm
         Wood Lane
         Heskin
         Lancashire
         PR7 5PA
         England

Mr. Price can be reached at:

         Moore Stephens
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


RENTOKIL INITIAL: B to C Volumes Fall Short of Q3 2007 Target
-------------------------------------------------------------
Rentokil Initial plc provides trading update for the period to
Sept. 30, 2007.

In its third quarter trading update for the period to Sept. 30,
2007, Rentokil said that while business to business trading in
City Link, its express parcels delivery business, had shown good
year-on-year growth, the business to consumer (B to C) segment
had softened over the quarter.  This was a continuation of what
the company believes to be an industry wide trend.

Operational performance within City Link is strong with service
levels higher than this time last year.  Customer retention
levels remain good and the company continues to win new
business.  However, during the fourth quarter, the anticipated
surge in volumes seen in prior years in the B to C segment in
the run up to Christmas has been later and less than expected.
B to C volumes have slipped below the level experienced this
time last year, and business to business volumes, which had been
significantly ahead, are now in line with last year's levels.
As a result fourth quarter profits from City Link are likely to
be up to GBP10 million below our expectations.  This will have a
similar impact on the results for the group as a whole.

As the company said at the time of its third quarter update on
Nov. 8, 2007, it believes that this slowdown in B to C volumes
is a direct result of weaker consumer spending in a challenging
retail environment.  Progress on the integration of Target
Express continues to deliver synergy benefits ahead of original
plan and in line with the third quarter statement.  The physical
integration of depots will commence in January 2008.

Trading in the company's other divisions remains in line with
its expectations.

The company's preliminary results for the 12 months to Dec. 31,
2007 will be announced on Tuesday, Feb. 26, 2008.

Headquartered in West Sussex, England, Rentokil Initial PLC
(LSE:  RTO) -- http://www.rentokil-initial.com/-- is one of the
largest business services companies in the world, operating in
all the major economies of Europe, North America, Asia Pacific
and Africa.  The company has some 90,000 employees providing a
range of support services in over 40 countries.

At June 30, 2007, the company's consolidated balance sheet
showed GBP1.9 billion in total assets, GBP2.5 billion in total
liabilities and GBP559.7 million in stockholders' deficit.


RUTLAND WINDOWS: Brings In Administrators from Begbies Traynor
--------------------------------------------------------------
Paul Finnity and Robert Michael Young of Begbies Traynor were
appointed joint administratos of Ruthland Windows and
Conservatories Ltd. (Company Number 02451891) on Nov. 28.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

The company can be reached at:

         Rutland Windows & Conservatories Ltd.
         Rutland House
         Nottingham Road
         Ilkeston
         Derbyshire
         DE7 5BB
         England
         Tel: 0115 944 1212
         Fax: 0115 944 1156


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Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes
Tovilla, Kristina Godinez, Patrick Abing and Marites Claro,
Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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